Bitcoin Nears Significant Demand Level as Uptrend Pauses

The upward trajectory of Bitcoin was interrupted in April when the price reached 31000, indicating a shift in market direction after the failure of the previous bullish order-block to sustain. The subsequent return to Order-block (RTO) presented shorting opportunities that amplified selling pressure, leading to a price plunge below 27000.0.

A double top bearish reversal pattern formed near the Bearish order block, contributing to the downward movement. However, with the prominent demand zone of 25000.0 approaching, bullish investors are gearing up.

Bitcoin’s Key Levels

Resistance Levels: 27000.0, 28000.0, 31000.0
Support Levels: 25000, 24000, 23000

Insights from Indicators

Bitcoin’s price surge was impeded in April as indicated by the Stochastic, revealing exhaustion among buyers. Furthermore, the cross of the faster Moving Average (period nine) below the slower Moving Average (period twenty one) provided further confirmation of the bearish trend. In May, the Stochastic Oscillator signaled an overbought market when testing the bearish trendline, which was followed by a price decline that broke the support zone of 28000.0. Currently, the previous support level is acting as a resistance, aiding the descent in price.

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